Billionaire Robert F Smith persisted, calling each Monday for five months. I had to learn a new craft: The Craft of Fundraising. Before he earned his billions, the 56-year-old who originally hails from Colorado went to Cornell for his undergraduate degree, earning a BS in chemical engineering, followed by an MBA from Columbia Business School. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~135K unconnected households, * Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): CodeCrew, Estimated impact (of all initiatives): ~135K households connected to high-speed internet to unlock ~$2B+ in economic potential, Lead community organization: Greater Houston Partnership, 1. ", "Influential Black Entrepreneurs - Robert Smith", "Vista Equity: The Biggest Software Group You've Never Heard Of", "Robert F. Smith - Vista Equity Partners", "Vista Equity Partners to pay $1.9 billion in private-equity deal for Apptio", "Vista Equity Partners to invest $1.5B in India's Reliance Jio Platforms", "Vista Equity Partners Is Acquiring Ping Identity", "What to know about Robert F. Smith, the man paying off Morehouse grads' student loans", "Vista's Smith named PEI's 2016 'Game Changer', "Cover Story: Robert F. Smith, Chairman & CEO of Vista Equity Partners", "Who Is Robert F. Smith? Commit to supplier diversity: increase MBE spend in Charlotte region to 5-10%+, Estimated impact (of all initiatives): 3x increase in MBE value & ~13K new jobs, boosting Black communitys net worth by ~$2B+, 4. Meet Robert F. Smith, the billionaire who paid off an Robert F.Smith is a billionaire who gave the commencement speech at Morehouse College on Sunday, telling the graduating students his gift was to pay off all As of 2018, Forbes estimated Smiths net worth at $4.4 billion, while also noting his strong philanthropic focus. Vista is a big deal in the world of software investing, currently managing about $46 billion in investments with a portfolio of more than 50 software companies that employ over 60,000 people around the world, according to the firms website. After graduating from Columbia Business School with honors in 1994, Smith landed a coveted job at Goldman Sachs, focusing on technology mergers and Standup training hub $30M: fund* the establishment a world-class training hub that offers certificate-granting STEM and innovation programs in advanced manufacturing, health care, etc. Why? Smith said of his investments in Denvers most storied Black community. He is most known for founding the private equity firm He founded Venture Equity Partners in 2000. Smith knew his stuff. [24], On May 19, 2019, during his 2019 commencement speech at Morehouse College, Smith pledged a reported $34M in student loan debt, "(including) the debt of parents and guardians incurred" over the educational pursuit of each member of the 2019 graduating class. Even once he earned his first million at 35-years-old, Smith says he kept a low profile by design, choosing to develop his skills and company rather than seek limelight. The billionaire investor also hired Seal and John Legend to perform at his 2015 second wedding to 2010 Playmate of the Year, Hope Dworaczyk. Ha! Robert F. Smith has found part of his calling is also to give away his fortune to philanthropic causes that speak to his desire to promote African American culture, education and the arts, as well as other interests. 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[36], In 2014, Smith became the founding director and president of the Fund II Foundation, which has invested in organizations such as Cornell, the National Park Foundation, and Susan G. 2023 Forbes Media LLC. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~145K unconnected households, * Community organization(s) being identified, Estimated impact (of all initiatives): ~145K households connected to high-speed internet to unlock ~$3B in economic potential, Lead community organization: Urban League of Louisiana, 1. In 2019, he made history when he paid off the student loans for the entire Morehouse graduating class of 2019. [77], In February 2022, Smiths non-profit organization, the Student Freedom Initiative, partnered with Prudential Financial to provide up to $1.8 million in microgrants to students of HBCUs. Smith went on to relate to the Columbia audience about how times werent always easy for him in the business world, even after hed earned his MBA and founded Vista Equity Partners. These are the on-ramps in our community. Robert F. Smith - Forbes And when it was time to ask for a seat at the table, he could deliver based on his merits and persistence. [61], Smith has received the Candle in Business and Philanthropy Award from Morehouse College,[62] the International Medical Corps Humanitarian of the Year Award,[63] Ebonys John H. Johnson Award,[64] and the Congressional Black Caucus Foundation's Chairman's Award, among others. Master of Business Administration, Columbia University; Bachelor of Arts/Science, Cornell University. The greatest wealth building opportunity in the history of the planet, Smith remarked. * CDFIs/MDIs being considered (examples and not exhaustive): Security Federal Bank, Institute / North Carolina Community Development Initiative, Sequoyah Fund Inc,Self-Help Credit Union, BEFCOR, Aspire Community Capital,etc. [73], In October 2019, Smith received the Carnegie Medal of Philanthropy, which is given to individuals who have donated private wealth to the public. The make-up artist, 48, wowed onlookers According to Forbes magazine, in 2018, Robert F Smiths net worth was $4.4 billion. In 1954. [1][9][10], After graduating from Cornell, Smith worked at Goodyear Tire and Rubber Company, Air Products & Chemicals, and later at Kraft General Foods as a chemical engineer,[1] where he registered two United States and two European patents. Robert F. Smith founded private equity firm Vista Equity Partners in 2000. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~55K unconnected households, Estimated impact (of all initiatives): 55K households connected to high-speed internet to unlock ~$1B in economic potential, Lead community organization: Charlotte Regional Business Alliance, 1. [76] Smith was included on the Time 100, Time's list of the 100 most influential people in the world, in 2020. Fund SFI program $120M: fund the Student Freedom Initiatives Income Contingent Alternative to Parent Plus* to support ~1.2K Black STEM students per year forever at 7 HBCUs**, * Student Freedom Initiative serves as lead (main contact if you are interested in learning more and funding this initiative). Smith, who has a net worth of about $5 billion according to Forbes, is the chairman and CEO of Vista Equity Partners, a private equity group he founded in 2000 Increase MBE certification and scale technical assistance ~$2M: partner with One Houston Together* and the Houston Minority Supplier Development Council (HSMDC)** to certify additional MBEs, develop Minority Business Finder database tool and provide resources andservices to help local MBEs scale and participate in Pathways to Excellence program, 3. 5. 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[80][81], In May 2022, Cornell University announced a $15 million donation from Robert Frederick Smith that will provide financial aid to engineering students from historically underrepresented communities. [25] In a June 2020 report, Time reported the launch of The Student Freedom Initiative, a nonprofit led by Smith, to benefit HBCU students. After Smith donated $50 million to his alma mater in 2016, Cornell renamed its school of Chemical and Biomolecular Engineering after him. He used $13 million of the untaxed money at the heart of the investigation to buy a property in Colorado and fund charitable events there, according to the AP. [10] According to Black Enterprise magazine, Smith is credited with consistently generating a 30 percent rate of return for his investors from the company's inception to 2020. When a student from M.I.T. It was the largest donation by an individual that the museum had received at that time. He returned to academia in 1994 to earn his Master of Business Administration from Columbia University. Billionaire Robert F [51][52] He was later recognized as a distinguished alumnus by the college. [48] He has donated to the Sphinx Organization, which supports diversity in the arts. 4. I was shocked. Smith was born to Dr. William Robert Smith and Dr. Sylvia Myrna Smith, who were both school teachers. Smith signed on to the Giving Pledge in 2017, promising to give away most of his fortune during his lifetime he was the first African American to sign on. Hes also backed up his commitment to increasing the number of black students in STEM (Science Technology Engineering and Math) with support for youth coding programs and a $50 million gift to his alma mater, Cornell University, to bolster African-American and female students in the College of Engineering. Robert F. Smith: Who is billionaire behind Morehouse graduation I now have the ability to inspire some young African-Americans to say, I can now go actually do this.. Offer technical assistance expertise: partner with the Charlotte Regional Business Alliance (CRBA) to advise/mentor ~200 MBEs on capital/loan access to help them scale from <$10M to $50M+, 3. [19][20][21] As of 2019, Vista Equity Partners had closed more than $46 billion of funding. [12] In 2018, Smith was included in Vanity Fair's New Establishment List, which is an annual ranking of individuals who have made impactful business innovations. Subsidize internships & apprenticeships $40M: fund the New Orleans Youth Alliance, YouthForce NOLA and the Urban League of Louisiana to place and help subsidize apprenticeships, internships and other work-based learning experiences for ~20K young adults in high-pay sectors (e.g., energy), 5. And do you have the capacity to deliver that?. Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs, 5. He is the founder, chairman, and CEO of private equity firm Vista Equity Partners. Smiths foresight stemmed directly from his understanding of programming and his insights into the growth of software applications, which are now a ubiquitous backdrop to our daily digital lives in the form of encrypted financial transactions, communications platforms, healthcare and beyond. How do we get a part of that wealth? [82], In October 2022, media outlets including TMZ,[83] Revolt TV,[84] Variety, and Vibe Magazine[85] published an article highlighting Smith being nominated by Floyd Mayweather, Jr. to serve as executive producer of a series of film and television projects titled "The GOAT" aimed to tell Mayweather's life story. #cbselevate, A post shared by Columbia BBSA (@columbiabbsa) on Mar 25, 2017 at 12:24pm PDT, Be thoughtful and conscious about what is your highest and best use.. Fund modernization & capacity-building and provide in-kind subject matter experts $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT teams to conduct needs diagnostic, implement tech solution & provide technical assistance. Smiths parents were both schoolteacherswho supported civil rights issues. Although the 54-year-old Smith has kept his life andwork mostly behind the scenes, his business moves to support the black community are hard to ignore. 7. Smith slowly learned that he had to understand his markets and how to communicate with them, in order to truly succeed in business. His pledge to pay off all the student loan debt for 400 students graduating from Morehouse College made international news in the spring of 2019. [2] He attended Carson Elementary School and East High School[3] in Denver. Who Is Robert Smith, the Billionaire Paying Morehouse Student Fund IIs list of commitments hints at Smiths own musical side. During that time, he put up $20 million for It worked, until now", "How Billionaire Robert Smith Avoided Indictment in a Multimillion-Dollar Tax Case", "A Buyout Fund C.E.O. Lead community organization: The Collective Blueprint, Increase the volume and value of Black-owned businesses through corporate MBE spend and MBE startups & scaling, 1. There is a system that has been developed, that we have to develop in technology. Fund modernization & capacity-building and provide in-kind subject matter experts $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance. Robert F. Smith's Biography - The HistoryMakers Did You Know That Iota Phi Thetas Mike City Produced I Wish by Carl Thomas? Robert Smith Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~35K unconnected households, Estimated impact (of all initiatives): 48K households get connected to high-speed internet to unlock ~$700M in economic potential for Jefferson County, National Telecommunications and Information Administration (NTIA), Income Contingent Alternative to Parent Plus, Houston Minority Supplier Development Council (HSMDC), Office of Information Technology & Innovation, Charlotte Regional Business Alliance (CRBA). and conference chairman Darius Gant CBS '17 at the end of a funny and inspiring fireside chat. Jemma Kidd sparked engagement rumours on Friday after she was spotted wearing a huge diamond on her ring finger. [54] That year, Smith was awarded an honorary doctorate from the University of Denver. All Rights Reserved. Smith began his career in business at Kraft General Foods, where he earned a four U.S. and international patents, and joined Goldman Sachs in 1994 before Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~35K unconnected households, Estimated impact (of all initiatives): ~35K households get connected to high-speed internet to unlock ~$700M in economic potential for Charlotte, Lead community organization: Prosper Birmingham, 1.

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